Celanese Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year of 2016; Announces Asset Impairment Loss for the Fourth Quarter of 2015
January 21, 2016 at 10:24 pm
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Celanese Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net sales of $1,334 million compared to $1,559 million a year ago. Operating loss was $305 million compared to $54 million a year ago. Loss from continuing operations before tax was $270 million compared to $31 million a year ago. Net loss was $301 million compared to $85 million a year ago. Net loss attributable to the company was $298 million compared to $84 million a year ago. Basic and diluted net loss per share was $2.03 compared to $0.55 a year ago. Capex was $62 million for the quarter. Adjusted earnings per share were $1.25, down 2% from prior year. Operating EBITDA was $332 million compared to $375 million a year ago. Loss from continuing operations was $301 million compared to $83 million a year ago. Net loss attributable to the company from continuing operations was $298 million compared to $82 million a year ago. Basic and diluted net loss per share from continuing operations was $2.03 compared to $0.54 a year ago.
For the full year, the company reported net sales of $5,674 million compared to $6,802 million a year ago. Operating profit was $326 million compared to $758 million a year ago. Earnings from continuing operations before tax was $488 million compared to $941 million a year ago. Earnings from continuing operations were $287 million compared to $627 million a year ago. Net earnings were $285 million compared to $620 million a year ago. Net earnings attributable to the company were $304 million compared to $624 million a year ago. Diluted net income per share was $2.00 compared to $4.00 a year ago. Free cash flow was $733 million before including the impact of a cash payment related to terminating a supply contract. Capex for the year was $306 million. Adjusted earnings per share of $6.02, up 6% from prior year, driven by the strength of commercial models in both the Acetyl Chain and Materials Solutions. Operating EBITDA was $1,515 million compared to $1,558 million a year ago. Net earnings attributable to the company from continuing operations were $306 million compared to $631 million a year ago. Diluted net loss per share from continuing operations was $2.01 compared to $4.04 a year ago. EBIT margin was 21.8%.
The company anticipates adjusted earnings per share to grow 5% to 10% in 2016 which will keep well on track to meet the 2018 targets. The company expected normal range to be more of the $250 million to $300 million of capital spend going forward.
For the fourth quarter, the company announced the asset impairment loss of $123 million related to a write-off of ethanol assets at integrated facility in Nanjing, China.
Celanese Corporation specializes in the manufacture and marketing of chemicals and specialty materials. The products are intended for the production of automotive components, beverages and food products, cigarette filters, paints and coatings, packaging, textiles, etc. Net sales by category of products break down as follows:
- acetyl products (55.7%);
- high performance engineering polymers (44.3%).
Net sales are distributed geographically as follows: the United States (25.8%), Germany (22.6%), China (17.8%), Singapore (10.5%), Belgium (4.6%), Mexico (3.3%), Japan (2.9%), Switzerland (2%), India (1.4%), South Korea (1.4%), Brazil (1.3%), Canada (1.3%), France ( 0.8%), the United Kingdom (0.8%), Italy (0.7%), Spain (0.5%), and other (2.3%).
Celanese Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year of 2016; Announces Asset Impairment Loss for the Fourth Quarter of 2015